When you would like to transfer a small amount of money to Bahamas, you can do this through a foreign exchange broker or a bank. While using your bank is safe and feels comfortable, it will cost you more money. Banks will charge you with a commission fee on top of the foreign exchange rate and a fee from the receiving bank, while an exchange broker will have lower exchange rates and won't charge you with fees. On small amounts the bank's fees won't be too much and some foreign exchange brokers only accept higher amounts of money.
When you have to transfer a bigger amount of money to Bahamas, it is best to choose an exchange broker, as it will be much cheapest than using the bank. When using an exchange broker, you will get the best currency exchange rates and you won't be charged with any commission fees. The online broker FXCapital Money Transfer for example has a margin rate as low as 0,7%, but misses an FCA certification. It needs some research to find professional brokers who are reliable and know the rules and regulations. Looking at their certifications on their website and reading reviews and recommendations will help you. Other foreign exchange brokers who transfer to Bahamas are USForex from California, with a rate of 1%, and Worldwide Currencies from London, with a rate of 2%. They both have a FCA certification, get good reviews and none of them charges commission fees on transactions.
Transferring money through an exchange broker goes easy and quick. After you have registered on their website, to will be able to transfer the money to Bahamas. Online transfers are the most reliable and most fast way to transfer money as they are based on advanced technology.
If you wish to transfer money by bank, Bank of America is the main bank to transfer money to Bahamas. It has a margin rate of 5%. You can use the Bank of America mobile app for the transaction, using the mail address or mobile phone number of the person you are sending the money to.
The most popular exchange rate for the Bahamas Dollar is the USD. The economy in Bahamas is almost entirely dependant on tourism and offshore banking, but remains stable.
Save time in Bahamas. With todays lifestyle being so fast-paced there are few people who have the time to fill in pages and pages of documents to transfer money to recipients who is abroad. By choosing to complete the entire transaction online you can save yourself a lot of time. In fact once you have chosen an exchange broker you should be able to complete a money transfer to Bahamas recipients in less time than it would take you to contact the bank and arrange a transfer.
Save money in Bahamas
As well as saving you time an online currency transfer to Bahamas recipients can also save you money. With no fees to pay you will be able to transfer funds without having to think about what it is costing you. This will come as good news to anyone who is fed up of having to pay charges when they send money to another country.
Great currency rates in Bahamas
Using an online provider to transfer your funds to someone in the Bahamas also means you are getting the best currency rate. Bahamas currency is known as the Bahamian dollar and it is symbolised by the B$ sign. It is linked on a one-to-one basis with the US dollar, so if you are sending currency to someone in the Bahamas and you are paying in US dollars the exchange rate is very easy to work out.